10 Myths About Starting a Business

It's been weeks since I began my journey to become a full-time creative business owner with my wife, who still works on it part-time.

Potterhills Studio, the name of our creative business, was established in 2018. Since then, we've worked with many clients on campaign videos, corporate AVPs, explainer videos, 3D logo animations, graphic designs, and more.

Along the way, we’ve encountered many myths and misconceptions about starting a business. Today, we’ll debunk and discuss some of them.

Myth #1: You Need a Lot of Money to Start

While you do need money to start a business, it doesn’t have to be a lot. List your initial costs and essential equipment, and set aside non-essential purchases for later. Start small if funds are limited.

In our experience, as a service-focused business, we started with a “not so top-of-the-line” laptop and a few subscriptions. Your needs might differ, but the key is to fund what’s necessary for now and adapt as you go.

Myth #2: You Have to Do Everything Yourself

At first, we were like this. We handled everything. But guess what? It was exhausting. After we had a few projects and were able to collect funds, we started outsourcing manpower.

The key here is to “DELEGATE” as many tasks as possible. It’s true that we need to be hands-on with our business, but if you become too focused on one thing, you’ll miss the other things.

You need to protect yourself from burning out and being exhausted all the time since you, as an owner, need to have the energy to oversee things and be proactive in implementing strategies. When you think it’s overwhelming you, that’s the sign you need some help. Delegate.

Myth #3: You Must Have a Perfect Business Plan

As a student of the BS Accountancy program before, we were taught that we need to create a business plan that will eventually be defended in front of a panel.

So I thought back then, I needed to have all of the data, documents, and other studies indicated in our business plan before I could start my business. That’s not 100% true, actually.

What you really need are the important ones. You need to have your business model, vision, action plans, a proper grasp of what market you want to tap, and where you will put your business, among other things. It also doesn’t need to be well-written. The goal is to have a proper basis for the business you want to start and adapt as needed later on.

The business plan doesn’t need to be so perfect that it hinders you from starting the business.

Myth #4: Failure Is Not an Option

Failure is inevitable and can help you grow. While it has consequences, you can learn, innovate, and become more successful from it.

Myth #5: You Need to Quit Your Job Immediately

I worked part-time as a creative entrepreneur while holding a full-time job. My rule was to be fully present at work from 8 am to 5 pm, as I had committed to being available during those hours. After that, I focused on our creative business. I designed, shot videos on weekends, and edited at night. As long as there was no conflict of interest, we managed both.

Since 2018, this has been our routine. Just this year, 2024, we decided that one of us would transition to full-time to grow the business.

You don’t need to quit your job immediately to establish a business. There are some limitations to doing both simultaneously, but if you can manage, make it work. Once you feel that your business can stand on its own, take the necessary steps to become a full-time entrepreneur.

Myth #6 - You Need to Have a Business Degree

While it's true that having an education can boost your knowledge of best practices, provide access to valuable networks, and equip you with various strategies, it doesn't mean you can't start a business without it. You can pursue a degree later on, and your business might even fund it.

If you currently have passion and dedication to learn and execute your vision, you can still run a successful business. It’s possible to thrive without a formal business degree.

However, if you have the opportunity to study later, take it. Education can be incredibly helpful.

Myth #7 - Your Idea Has to Be Completely Original

There's no such thing as a completely original idea anymore. You might think your idea is the first, but a quick internet search will likely reveal that someone has already done something similar in another part of the world.

It's okay if your idea isn't entirely original. What you need to do is innovate. Tweak some aspects, improve upon existing ideas, and identify the flaws in current business models. Start from there and make it your own.

Myth #8 - You Will Instantly Make Money

I wish this were true for everyone, but it’s not. Not all businesses are the same, and not all of them will make you money instantly. Some might, but that's on a case-by-case basis.

It takes time to build a customer base and become sustainable and profitable.

Myth #9 - Marketing is Not That Important

Some might think that operations, skills, and products alone can make a business profitable. But that's not true. To succeed, you need to manage your business well and have a marketing plan to reach the right market, offer the right services, and engage customers for sustainable income.

Products and services alone won't bring profit. Failing to plan is planning to fail. You need to plan for your marketing and your business overall.

Myth #10 - Once Successful, Always Successful

Not every day is a harvest season. There will be times when the rainy season comes. Don’t expect to always make a profit. You should also prepare and save for the tough times.

I know that’s a lot for this week’s content, but I hope it helps clear your mind about starting your own business journey.

Source: https://alliworthington.com/20-myths-starting-own-business/

Thank you for reading until now. You might want to check the video version of this on? my YouTube channe, see video below, and check our creative business portfolio here https://www.behance.net/potterhillsph